The National Farmers' Federation (NFF) has reiterated its concerns regarding the Federal Government's proposed Treasury Laws Amendment (Better Targeted Superannuation Concessions Bill) 2023. The proposal, often referred to as the 'Super Tax', includes taxing unrealised gains on assets held in Self-Managed Superannuation Funds (SMSFs).
NFF President David Jochinke said the organisation was encouraged by comments in Senate Estimates indicating that Treasury is considering stakeholder concerns, and that the Prime Minister's office is reviewing the legislation. He noted that officials have taken note of whether modelling has been conducted to assess the number of agricultural businesses likely to be affected.
The NFF has highlighted the implications for family farms, many of which hold assets in SMSFs. Modelling from the University of Adelaide suggested that more than 3,500 SMSFs holding farming land would be impacted from the first day of implementation. A further 14,000 funds, currently below the AU$3 million (about US$1.95 million) superannuation threshold, could be affected if land values rise, as the threshold is not indexed.
The concerns extend beyond agriculture. Estimates indicate that approximately 13,000 small business owners holding real property assets such as shopfronts, warehouses, and restaurants would also face immediate impacts.
The NFF, supported by a coalition of small businesses, accounting and superannuation organisations, has been advocating on the issue for nearly two years. Jochinke said: "We urge the Government to proactively consider changes they can make to the policy to avoid impacts on farmers and small businesses across the country."
For more information:
National Farmers' Federation
Tel: +61 (0) 2 6269 5666
Email: [email protected]
www.nff.org.au
